A third of all new start-ups are now started by women, with a quarter of all businesses being female-led. Almost three-quarters of women entrepreneurs are in business for the first time, according to handbag.com.

In addition to the main prize for Best Overall Start-up Plan, there are prizes for most innovative new business idea, for businesses helping their local community or the environment and for entrants who have overcome adversity. There is also a category for the under-25s.

The competition is only available to those women who are seriously thinking of starting a business or to those who have businesses less than a year old and are thinking of the next stage in the development of their business. All applicants will be entered into the overall award, but one can also ask to be entered in one of the other categories.

Amongst the points that must be covered in the business plan entry are: evidence of adequate pre-planning and research; a mission statement and short/medium term goals; the ideology which will drive the business; an overview of the product/service and a description of the resources that will be needed to run the business.